Capital.com to Take Over FxPro Cyprus Client Book
Capital.com has agreed to acquire the client book of FxPro’s Cyprus entity, meaning the customer accounts the broker holds there, and only clients who pass Capital.com’s checks will move, according to Finance Magnates and FX News Group. Finance Magnates reported the sale in an exclusive on 14 October, and FX News Group reported that neither party disclosed the price.
According to FX News Group, FxPro Financial Services Ltd will transfer its clients to Capital Com Group Ltd, Capital.com’s European Cyprus investment firm (CIF, a locally licensed broker) regulated by the Cyprus Securities and Exchange Commission (CySEC). Capital.com has served clients from Cyprus since 2017.
Both outlets reported that only clients meeting Capital.com’s onboarding and risk standards will transfer. Each is assessed under their own categorisation, appropriateness (whether a product suits the client’s knowledge and experience), target market and know-your-customer (KYC, identity and background) requirements.
The regulatory position is described differently. Finance Magnates reported that CySEC approval is pending, while FX News Group reported that the transfer follows CySEC’s approval of the change of control, the regulator’s sign-off when ownership of a licensed business shifts, and of client eligibility.
FxPro keeps its Financial Conduct Authority (FCA) licence and its City of London headquarters, Finance Magnates reported. Peter Aust, FxPro’s Chief Operating Officer, said the Cyprus business is not a significant part of the group and that FxPro continues with the same ownership, leadership and long-term strategy.
Aust presented the sale as a reallocation of effort rather than a retreat, and pointed to where the group’s expansion has come from:
The vast majority of our growth in recent years has come from outside of Europe.
Peter Aust, Chief Operating Officer, FxPro
Christoforos Soutzis, Europe CEO of Capital.com, said the step strengthens the firm’s reach in Europe and, once the transfer completes, brings an established client base into the environment Capital.com has built.
Finance Magnates referenced Capital.com’s 2023 purchase of the client book of OvalX, formerly ETX Capital.
